Forum Moderators: goodroi
the quick brown fox jumped over the (link)lazy dog(/link)
All the words, including "lazy dog" are part of your content. They will all be indexed but NOFOLLOW will prevent the link being followed and the linked page about "lazy dogs" being found. If the "lazy dog" page is on your site you will still need a NOINDEX attribute on that page if you want to prevent indexing if it is found by another route.
Is that what you want or do you want the words "lazy dog" explicitly excluded from the index? I don't think you can do that.